营收净利润双降 新国都谋局“A+H”

Core Viewpoint - New Guodu plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, marking its entry into the "A+H" dual capital market amid increasing competition and shrinking profit margins in the payment industry [1] Company Overview - New Guodu, established in 2001 and listed on A-shares in 2010, is a global payment technology service provider based in Shenzhen, China, with a comprehensive business scope including payment services, digital service scenarios, electronic payment devices, and auditing services [2] Financial Performance - As of August 29, 2025, New Guodu's stock price was 32.07 CNY per share, with a total market capitalization of approximately 18.1 billion CNY [3] - In the first half of 2025, the company reported revenue of 1.527 billion CNY, a year-on-year decrease of 3.17%, and a net profit of 275 million CNY, down 38.61% [3] - The operating cash flow was 138 million CNY, a decline of 46.46%, and basic earnings per share were 0.49 CNY, down 39.51% [3] - The subsidiary, Jialian Payment, reported revenue of 949 million CNY and a net profit of 88.5 million CNY, both showing a year-on-year decline [3] Market Challenges - The decline in profits is attributed to reduced income and gross margins from acquiring and value-added services, alongside increased investments in cross-border payments and AI, which pressure short-term profitability [3] - The payment industry faces challenges due to market saturation, intense competition, and regulatory scrutiny, leading to a general decline in performance among acquiring institutions [3][4] Growth Opportunities - New Guodu aims to find a "second growth curve" in overseas markets as domestic growth slows [4] - The electronic payment device segment generated revenue of 544 million CNY in the first half of 2025, with overseas sales reaching 533 million CNY, a year-on-year increase of 22.02% [4] - The company has obtained various licenses for cross-border payments, enabling it to offer services in multiple sectors across the EU [4] Internationalization Challenges - The complexity of overseas regulatory environments poses challenges for New Guodu, requiring significant investment in compliance and local operations [5] - The increasing competition from non-licensed companies in the cross-border payment space adds to the challenges faced by traditional payment firms [5]